Bank Indonesia stated that economic liquidity or money supply in a broad sense (M2) in January 2021 was recorded at Rp6,761 trillion or grew 11.8% (YoY), but lower than the previous month's growth of 12.4%. (YoY).

"This development is mainly due to the slowdown in the growth of quasi-money," said BI Executive Director Erwin Haryono in an official statement, Tuesday (23/2).

An analysis by component, this growth in M2 was driven by quasi money, which grew by 9.7% (YoY), lower than the 10.5% (YoY) in the previous month, particularly in time deposits.

Meanwhile, the narrow money supply component (M1) grew 18.7% (YoY) in January 2021, up from 18.5% (YoY) in the previous month.

Based on influencing factors, the slowdown in M2 growth in January 2021 was influenced by a slowdown in net claims to the Central Government. In January 2021, the government's growth in net receivables was 54.8% (YoY), down from the previous month's achievement of 66.9% (YoY).

Meanwhile, credit growth in January 2021 improved. Credit growth contracted by 2.1% (YoY), less than the contraction of 2.7% (YoY) in the previous month. The growth of net foreign assets in January 2021 was 14.9% (YoY), higher than the growth in December 2020 of 13.6% (YoY).